SSGC accounts approved

Posted on 10.31.06 by StockPK Team @ 4:00 pm    

The 52nd Annual General Meeting of shareholders of Sui Southern Gas Company (SSGC) on Monday approved the audited accounts for the fiscal year ended June 30, 2006.

Shareholders unanimously approved the annual audited accounts as presented, which declared 13 percent dividend amounting to Rs1.30 per share of Rs10 for the year under review, a press release issued here said.

Addressing the meeting Chairman SSGC Aitzaz Shahbaz observed that Pakistan’s ‘Mashal’ LNG import project has helped put the country into the world’s LNG radar screen. Sales revenue of the company increased in value over the previous year by 26 percent to Rs68.5 billion with a corresponding increase of 6 percent in gas volume to 359bcf.

This year, the company earned a profit after tax of Rs0.892 billion as compared to Rs1.013 billion in the previous year, after allowing for adjustments made by OGRA. In response to a question regarding Unaccounted for Gas losses, Munawar Baseer explained that all efforts are being made to reduce UFG including strict surveillance and monitoring as well as administrative and legal action.

Source: The News